TORONTO Oct 22 (Reuters) - U.S. miner and oil producer
Freeport-McMoRan, under pressure from activist investor
Carl Icahn and falling prices, said on Thursday it will further
cut copper and molybdenum output as it posted a
bigger-than-expected quarterly loss.

The Phoenix-based company said it remains confident in the
longer-term outlook for copper, but will halve operating rates
at its Sierrita mine in Arizona as prices continue to drop.

"We're prepared to do whatever it takes - whatever it takes
- to keep our operations generating positive cash flows to
protect our liquidity and hold onto these assets for a better
day," Chief Executive Richard Adkerson said on a call.

Sierrita's annual output will drop by 100 million pounds of
copper and 10 million pounds of molybdenum, with full shutdown
being considered. Combined with previous cuts, annual copper
production is down 250 million pounds and molybdenum output down
20 million pounds.

The biggest U.S.-listed copper miner, Freeport said a
primary strategic objective is "significant" reduction of its
$20.7 billion debt.

Repeating that 2015 is a "bridge year", Freeport anticipates
improved cash flow in 2016 and 2017 as it winds down project
spending and increases production.

"I want to be clear: after we complete these current
projects, until the market warrants further investments, we're
not going to be making them," said Adkerson.
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